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PATRIZIA Immobilien AG announces that it has completed the acquisition of 223,000 sq m of residential properties in western Germany. The transaction was finalised on behalf of a major German insurance company for a multi hundred million Euro.

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"There continues to be high demand for good quality rental accommodation in Germany, as proven by the high occupancy rate across this geographically diverse portfolio,” comments Philipp Schaper, Group Head of Transactions at PATRIZIA Immobilien AG. “We remain interested in identifying the most compelling investment opportunities across Europe, and this most recent acquisition is a strong endorsement of our ability to identify, acquire and manage such assets.” The portfolio was originally owned by several private Dutch investor funds.

The 223,000 sq m portfolio of assets is currently 97% let and comprises 3,488 residential units across 49 properties, located in North Rhine-Westphalia, Lower Saxony and Bavaria with almost 300 units in Cologne, more than 500 in Hanover and around 100 in Munich. In addition further units are located in Hamburg, Hesse, Baden-Württemberg and Berlin.

"We acquired these assets having identified the strong fundamentals that underlie the portfolio through the low void rate and strong locations, and it is in line with our buy-and-hold strategy,” comments Peret Bergmann, Managing Director of PATRIZIA WohnInvest. “Further to this we are also planning to privatise individual properties in order to deliver meaningful income to our investors.”